AARP Hearing Center
Key takeaways
- Jammie Lyell explains how to create a my Social Security account.
- Reviewing your earnings record can help prevent benefit calculation errors.
- Waiting longer to claim benefits can increase your monthly payment amount.
Summary
Jammie Lyell walks Gen X viewers through the basics of checking and understanding their Social Security benefits. He explains how to create a my Social Security account, verify identity, review employment earnings records and correct any missing information that could affect future benefits.
The checklist also covers how to estimate retirement benefits using the account’s calculator and how claiming age affects monthly payments. Lyell notes that Gen X’s full retirement age is 67, that benefits increase when claiming is delayed up to age 70, and that early planning can provide more retirement options.
The key takeaways and summary were created with the assistance of generative AI. An AARP editor reviewed and refined the content for accuracy and clarity.
Full transcript
[0:00:00] Hey, all you Gen Xers.
[0:00:02] There’s a number with your name on it sitting at ssa.gov right now.
[0:00:07] It’s what Social Security plans to pay you every month when you retire, and most of you have never looked at it.
[0:00:12] Today, that changes.
[0:00:16] I have you covered with a checklist. So first, let’s start with the basics.
[0:00:22] Head to ssa.gov to create a my Social Security account.
[0:00:26] You’ll need to verify your identity first through login.gov or id.me.
[0:00:32] The whole thing took me about five minutes, and you’ll be surprised at how easy it really is.
[0:00:35] I know I was.
[0:00:38] Next, once you’re all set up, double-check your numbers.
[0:00:42] You can see all your past employment earnings, and yes, even from your very first job flipping burgers.
[0:00:48] And check out me at one of my first jobs.
[0:00:51] I definitely wasn’t thinking about Social Security back then.
[0:00:54] Now, remember, Social Security is an earned benefit that you’ve been paying into since you started working.
[0:01:00] So make sure all your employment is accounted for, and if it’s not, call the Social Security Administration at this number to initiate the correction.
[0:01:11] You’ll need to provide proof like a W-2 or a pay stub so they can make the fix. And don’t sit on it.
[0:01:17] Missing employment records equals missing funds towards your monthly benefit amount.
[0:01:23] Also, be sure to check if your personal information is correct, like your address and any unrecorded name changes.
[0:01:30] OK, up next on the checklist, how much will I get?
[0:01:35] Now, if you’re knee-deep in retirement planning, this is a big one.
[0:01:39] Say you’re 48, and you want to retire at 65.
[0:01:43] Just use the retirement calculator inside your account.
[0:01:46] Enter the age you want to retire, and it projects your monthly benefit based on your earnings history.
[0:01:52] Like what you see?
[0:01:53] Great.
[0:01:54] If not, try a later age, because here’s the part worth remembering:
[0:01:59] Every year you wait between 62 and 70, your monthly check gets bigger,
[0:02:04] and 62 is the earliest you can claim. But that check takes a permanent cut.
[0:02:10] Since Gen X was born after 1960, your full retirement age is 67.
[0:02:15] That’s when you get 100% of your benefit. And if you can hold out until 70, you get
[0:02:22] the maximum amount Social Security pays.
[0:02:25] After that, waiting doesn’t add a dime.
[0:02:29] Now, in spite of what you may have heard, Social Security isn’t going away.
[0:02:34] But if Congress doesn’t act quickly, the Social Security trust fund will run low, and that could affect your monthly benefit amount.
[0:02:42] Right now, it’s projected to pay benefits fully until 2034.
[0:02:47] After that, if lawmakers don’t act, it can only cover about 83% of what you’re owed.
[0:02:53] So no doubt, this does make retirement planning for Gen X extra challenging.
[0:02:58] I know.
[0:02:59] You all just can’t get a break, can you?
[0:03:01] But here’s the bottom line: The earlier you get ahead of this,
[0:03:04] the more options you will have.
[0:03:07] So set up your account, check the numbers, and make a plan.
[0:03:12] For more, head to aarp.org/socialsecurity
